1.
General Information
Flexciton Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10184111
. The registered office is 141-145 Curtain Road, Floor 2, London, EC2A 3BX.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
2.2.
Going Concern Disclosure
The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.
The company generated a loss for the year of £2.2m (2025: £2.4m) and as at 31 May 2026, the company is in a net assets position of £2.0m (2025: £4.1m). The company continued to be loss making in 2026. The operations of the company are currently being financed by funds from its activites, banking facilities and from the support of its investors.
Due to the level of losses this year and predicted losses for the foreseeable future, the company is dependant upon its shareholders continuing financial support and raising more investment. There is a level of uncertainty as the company cannot guarantee it will be able to raise more funding in the foreseeable future.
Due to the above challenges and risks there is currently a going concern material uncertainty. The financial statements have, however, been prepared on a going concern basis as the directors are confident that the measures they have implemented are sufficient to ensure that the going concern basis remains appropriate.
The Directors have considered the Company’s strategy and future prospects in preparing these financial statements. The Board continues to evaluate strategic options to support long term growth, which may include potential acquisitions. The Directors also recognise that if execution of the current strategy were materially weaker than expected, alternative options could be considered, including the potential sale of the company.
These matters have been taken into account in assessing the Company’s ability to continue as a going concern. Based on current forecasts and available resources, the Directors believe the Company has adequate financial and operational capacity to meet its obligations as they fall due. However, the inherent uncertainties associated with future performance represent a risk factor that has been disclosed in these financial statements.
2.3.
Significant judgements and estimations
In the application of the company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The company does not make significant estimates and assumptions concerning the future.
2.4.
Turnover
Services
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.5.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Fixtures & Fittings |
|
| Computer Equipment |
|
Flexciton Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2026
2.6.
Financial Instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.
2.7.
Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.8.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.11.
Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
2.12.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2025: 38)
Flexciton Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2026
4.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 June 2025 |
|
|
|
| Additions |
|
|
|
| As at 31 May 2026 |
|
|
|
| Depreciation | |||
| As at 1 June 2025 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 May 2026 |
|
|
|
| Net Book Value | |||
| As at 31 May 2026 |
|
|
|
| As at 1 June 2025 |
|
|
|
5.
Debtors
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 695,778 | 1,099,137 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| VAT |
|
- | |
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
|
|
|
||
8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
|
|
|
||
9.
Reserves
| Share Premium | Other reserves | Profit and Loss Account | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 June 2025 |
|
|
( |
| Loss for the year and total comprehensive income | - | - |
( |
| Share based payment expense | - | 134,995 | - |
| Transfer to/from Other Reserves | - | - | 59,979 |
| Transfer to/from Profit & Loss Account | - |
( |
- |
| As at 31 May 2026 |
|
|
( |
The company has an equity settled option scheme which has been accounted within Other reserves.
The options were granted over 4 years at an exercise price of £0.00001 and the number of share options are as follows:
|
2026
|
2025
|
||
|
Outstanding at the beginning of the year
|
256,080
|
499,570
|
|
|
Granted during the year
|
1,306,819
|
-
|
|
|
Forfeited during the year
|
-
|
(59,630)
|
|
|
Exercised during the year
|
(33,829)
|
(183,860)
|
|
|
Expired during the year
|
(19,880)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
-
|
|
|
Outstanding at the end of the year
|
1,509,190
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
256,080
|
|
|
Exercisable at the end of the year
|
570,679
|
217,316
|
The fair value of the share options granted during the year has been valued at £0.00000592 and the fair value of the options granted in previous years has been valued at £2.38. The current year fair value has been based on a valuation using a Black Scholes model and the historical fair value has been based on the 2021 funding round and internal valuation using Black-Scholes model.
The value of the option vested in the year was £134,995 (2025: £159,045), this was charged to the profit and loss. The total carrying amount is £1,052,188 (2025: £609,470).
Flexciton Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2026
10.
Post Balance Sheet Events
There are no significant events affecting the company post year end.
11.
Ultimate Controlling Party
There is no ultimate controlling party.
12.
Audit Information
The auditor's report on the accounts of
Flexciton Limited
for the year ended 31 May 2026 was unqualified.
The auditor's report was signed by
Colin Wright
(Senior Statutory Auditor)
for and on behalf of
UHY Hacker Young
, Statutory Auditor.
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Chartered Accountants
Quadrant House, 4 Thomas More Square
London
E1W 1YW
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